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Financial News: South Korea Business Confidence Strengthens In May

South Korea Business Confidence Strengthens In May

05/22/2024 - 03:16:00 (RTTNews)

(RTTNews) - Business sentiment in South Korea improved slightly in May to the highest level in one-and-a-half years, and the outlook brightened further, the latest survey from the Bank of Korea showed on Wednesday.

The Business Survey Index on business conditions in the manufacturing sector rose to 74 in May from 73 in April. Further, this was the highest score since November 2022.

The survey showed that the outlook strengthened for the second straight month, with the index rising to 76 from 74.

Manufacturers reported a rise in both export-oriented and domestic demands.

In the non-manufacturing sector, the business morale index strengthened by 3 points to 62, and the outlook for the same month increased somewhat to 72.

The Economic Sentiment Index, which combines the BSI and the Consumer Survey Index, for May was 93.8, down from 94.5 in the prior month.

The survey was conducted among 3,255 companies between May 9 and 17.

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